12.8 - INVESTMENT OR DEPOSIT OF SURPLUS -- APPROPRIATION -- INVESTMENT INCOME -- LENDING SECURITIES.
12.8 INVESTMENT OR DEPOSIT OF SURPLUS --
APPROPRIATION -- INVESTMENT INCOME -- LENDING SECURITIES.
The treasurer of state shall invest or deposit, subject to chapter
12F and as provided by law, any of the public funds not currently
needed for operating expenses and shall do so upon receipt of monthly
notice from the director of the department of administrative services
of the amount not so needed. In the event of loss on redemption or
sale of securities invested as prescribed by law, and if the
transaction is reported to the executive council, neither the
treasurer nor director of the department of administrative services
is personally liable but the loss shall be charged against the funds
which would have received the profits or interest of the investment
and there is appropriated from the funds the amount so required.
Investment income may be used to maintain compensating balances,
pay transaction costs for investments made by the treasurer of state,
and pay administrative and related overhead costs incurred by the
treasurer of state in the management of money. The treasurer of
state shall coordinate with the affected departments to determine how
compensating balances, transaction costs, or money management and
related costs will be established. All charges against a retirement
system must be documented and notification of the charges shall be
made to the appropriate administration of the retirement system
affected.
The treasurer of state, with the approval of the investment board
of the Iowa public employees' retirement system, may conduct a
program of lending securities in the Iowa public employees'
retirement system portfolio. When securities are loaned as provided
by this paragraph, the treasurer shall act in the manner provided for
investment of moneys in the Iowa public employees' retirement fund
under section 97B.7A. The treasurer of state shall report at least
annually to the investment board of the Iowa public employees'
retirement system on the program and shall provide additional
information on the program upon the request of the investment board
or the employees of the Iowa public employees' retirement system. Section History: Early Form
[C24, 27, 31, 35, 39, § 141; C46, 50, 54, 58, 62, 66, 71, 73,
75, 77, 79, 81, § 12.8] Section History: Recent Form
84 Acts, ch 1180, § 6; 85 Acts, ch 227, §6; 88 Acts, ch 1242, § 1;
91 Acts, ch 268, §123; 94 Acts, ch 1001, §1; 2001 Acts, ch 68, §1,
24; 2003 Acts, ch 145, §286; 2004 Acts, ch 1101, §98, 102; 2007 Acts,
ch 39, §8
Referred to in § 12C.7
Investment or deposit, § 12B.10